Kenya Blockchain and Crypto Conference Throw back Thursday Web3 Tale: The DAO Hack
In the wild world of blockchain, stories like The DAO Hack remind us of the high stakes and rapid innovation that define this space. 🌐
#Blockchain #Crypto #Web3 #DAOHack #KBCC #Innovation #Resilience
The DAO Hack
Once upon a blockchain, in April 2016, a DAO (think a co-op with a sprinkle of blockchain magic) launched to become the investor’s dream—your new venture capital fairy godmother. In no time, it raised a whopping $150 million worth of Ether! Investors were popping champagne, while the smart contract sat smug, flexing its code.
But, oh no, three months later, disaster struck! Enter the hacker, a digital Robber —but one who wasn't giving anything back. Thanks to a little vulnerability in the code (oops), $60 million worth of Ether disappeared faster than you could say, "smart contract!"
Cue the chaos: developers frantically running around like they're trying to catch falling Ether, investors clutching their private keys in panic, and the hacker sipping virtual tea. The tension could’ve powered a decentralized space rocket.
The solution? A hard fork—a blockchain split, like a messy divorce, creating two chains: Ethereum and Ethereum Classic. One chain kept its cool, the other… Well, let's just say it was stuck with the hacker's treasure.
And thus, the tale of The DAO Hack became legendary - a tale of greed , code and a community rallying to save the day (and their wallets)
Shubhada Pande Sheila Waswa Ibrahim A. Gideon Shadrack ERICK MUNGAI Kasi Viswanath Aurangabad Symon Ndirangu Bratipah Kioko (She/her) Tevin Isaac Kiboko Dao Blockwisely Zetech Web3 and Blockchain Club Fadhil Mulinya Bright Gameli Mawudor, PhD Sewe Wycklife CCE, CCI, CCS Crystal Intelligence AfricaHackon Fraiser Kilonzo S.A KAKAI Securitize Kenya Space Agency A&D Forensics